Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied nade its first and only purchase of inventory for the period on May 3 for 1, eae units at a price of 37 - cash per unit (for a total cost of $7,ee9 ). May 5 Aliied sold see of the units in inventory for $11 per unit (invoice total: $5,5ee ) to Macy Company under credit terms 2/10,n/6e. The goods cost Allied $3,590. May 7 Macy returns 50 units because they did not fit the custoner's needs (invoice anount: 5550 ). Allied restores the units, which cost suse, to its inventory. May \& Macy discovers S0 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $1 se to compensate for the dasage. May 15 allied receives payment fron Macy for the amount owed on the May 5 purchase: payment is net of returns, allowances, and any cash discount. Exercise 4.6 (Algo) Recording sales, sales returns, and sales allowances LO P2 Prepare journal entries to record the following transactons for Allied assuming it uses a perpetual inventory system and the gross method Journal entry worksheet (1) 3 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Note: Enter debits before credits